volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of …. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the … economic growth by raising total factor productivity, but its impact is only transitory. Several predictions on the evolution … specialization, wealth inequality, stock trading intensity, liquidity and return volatility. …

saving rate; (ii) strengthen the effect of growth on saving; and (iii) increase the growth rate if productivity growth is … endogenous. These propositions are supported by cross-country regressions of saving and growth rates on indicators of liquidity … further reduction in saving and growth rates. …

This paper adds a highly-leveraged financial sector to the Ramsey model of economic growth and shows that this causes …

data (Ingram et al., 1994). Model velocity is stable along the balanced growth path, which features endogenous growth and … velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during …